Old Mutual to Buy Quilter Cheviot for up to $940 Million

Deal to Be Funded by Proceeds From Asset Sales

LONDON—Old Mutual PLC said Friday it will acquire U.K. wealth-management firm Quilter Cheviot for up to £585 million ($941.3 million).

Old Mutual, which is listed in London and Johannesburg, said the deal will accelerate its strategy to build a vertically integrated wealth management business, and is expected to generate synergies of £15 million...